<ARTICLE>             5
<LEGEND>
             THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
             FROM THE SEPTEMBER 30, 1998 QUARTERLY REPORT ON FORM 10-Q AND 
             IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH QUARTERLY 
             REPORT ON FORM 10-Q.
</LEGEND>
<MULTIPLIER>    1,000
       
                                     
<PERIOD-TYPE>                          3-MOS
<FISCAL-YEAR-END>                      DEC-31-1998
<PERIOD-START>                         JUL-01-1998
<PERIOD-END>                           SEP-30-1998
<CASH>                                       6,624
<SECURITIES>                             1,076,700
<RECEIVABLES>                               77,653
<ALLOWANCES>                                     0
<INVENTORY>                                      0
<CURRENT-ASSETS>                                 0
<PP&E>                                           0
<DEPRECIATION>                                   0
<TOTAL-ASSETS>                           1,160,977
<CURRENT-LIABILITIES>                      939,606
<BONDS>                                          0
<PREFERRED-MANDATORY>                            0
<PREFERRED>                                      0
<COMMON>                                   296,941
<OTHER-SE>                                 (75,570)
<TOTAL-LIABILITY-AND-EQUITY>             1,160,977
<SALES>                                          0
<TOTAL-REVENUES>                            19,789
<CGS>                                            0
<TOTAL-COSTS>                                    0
<OTHER-EXPENSES>                             1,650
<LOSS-PROVISION>                               (22)
<INTEREST-EXPENSE>                          11,708
<INCOME-PRETAX>                              6,453
<INCOME-TAX>                                     0
<INCOME-CONTINUING>                          6,453
<DISCONTINUED>                                   0
<EXTRAORDINARY>                                  0
<CHANGES>                                        0
<NET-INCOME>                                 6,453
<EPS-PRIMARY>                                 0.31
<EPS-DILUTED>                                 0.31